5 Questions
Which of the following is included in a company's assets?
Interest owed
What is the accounting equation?
Assets = Liabilities + Owner's Equity
What does owner's equity represent?
Amount owned by the business owners
What is the current value of owner's equity in Gio's Barber Shop?
$220,000
What did Gio purchase for $20,000?
Chairs
Test your knowledge of analyzing business transactions and their impact on assets, liabilities, and owner's equity with this introductory accounting quiz. Learn how to use the accounting equation to understand the relationship between assets, liabilities, and owner's equity.
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